Obama: Economic crisis 'not as bad as we think'

Discussion in 'The Constitutional & RKBA Forum' started by artabr, Mar 12, 2009.

  1. artabr

    artabr New Member

    Mar 3, 2008
    New Iberia, Louisiana
    Obamas head must be spinning faster than Linda Blair's on ladies night. :rolleyes:
    This guy is so far out of his league its pathetic.


    Mar 12 05:49 PM US/Eastern
    Associated Press Writer

    WASHINGTON (AP) - Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is "not as bad as we think" and his plans will speed recovery.
    Challenged to provide encouragement as the nation's "confidence builder in chief," Obama said Americans shouldn't be whipsawed by bursts of either bad or good news and he was "highly optimistic" about the long term.

    The president's proposals for major health care, energy and education changes in the midst of economic hard times faced skepticism from both Democrats and Republicans on Capitol Hill, as senators questioned his budget outlook and the deficits it envisions in the middle of the next decade.

    But Obama, speaking to top executives of the Business Roundtable, expressed an optimistic vision and called for patience.

    Richard Parsons, chairman of beleaguered Citigroup Inc., asked if Obama could offer some help in a national battle "between confidence and fear."

    "A smidgen of good news and suddenly everything is doing great. A little bit of bad news and ooohh , we're down on the dumps," Obama said. "And I am obviously an object of this constantly varying assessment. I am the object in chief of this varying assessment."

    "I don't think things are ever as good as they say, or ever as bad as they say," Obama added. "Things two years ago were not as good as we thought because there were a lot of underlying weaknesses in the economy. They're not as bad as we think they are now."

    "And my long-term projections are highly optimistic, if we take care of some of these long-term structural problems."

    But in Congress, Obama's budget plans were meeting resistance.

    Sen. Kent Conrad, the chairman of the Budget Committee called the track of future deficits "unsustainable" and singled out Obama's proposal for adding $634 billion in health care spending over the next 10 years.

    "Some of us have a real pause about the notion of putting substantially more money into the health care system when we've already got a bloated system," said Conrad, D-N.D.

    Treasury Secretary Timothy Geithner, testifying before Conrad's committee, also encountered blunt questions about the administration's plans for shoring up the nation's banks. He reiterated the administration's goal to lay out a private-public partnership to make up to $1 trillion in financing available to help banks clear their books of toxic, mortgage-related assets that have led to a national credit freeze.

    Geithner hinted more money might be required beyond the existing $700 billion financial rescue fund. "We certainly can start with the resources we have," he said.

    Meanwhile, House Speaker Nancy Pelosi, D-Calif., played down talk that Democrats would consider a second economic stimulus bill.

    "I know that people have made suggestions that we should be ready to do something, but I really would like to see this stimulus package play out," Pelosi said. "It's just not something that, right now, is in the cards," she added later.

    The flurry of comments illustrated the complicated moving parts confronting Washington as the economy continues to decline, credit remains clogged and a new president advances broad and expensive initiatives. The money set aside to address those needs so far has been staggering—$787 billion for an economic stimulus designed to save and create jobs, the $700 billion approved by Congress for the financial rescue package and hundreds of billions more through programs from the Federal Reserve Bank.

    On top of that, Obama wants to overhaul health care, reduce greenhouse-gas pollution and undertake major changes in energy policy. He's projecting a federal deficit of $1.75 trillion this year, by far the largest in history, but says he can get it down to $533 billion by 2013.

    "I am not choosing to address these additional challenges just because I feel like it, or because I'm a glutton for punishment," Obama told the Business Roundtable, a group of top business executives. "I am doing so because they are fundamental to our economic growth, and to ensuring that we don't have more crises like this in the future."

    Obama said his health and energy changes would build a foundation for lasting recovery, arguing that the current economic crisis was precipitated by an "illusion of prosperity." He told the business leaders he wants government to "right the ship" and then "let private enterprise do its magic."

    Critics of Obama's budget, such as Sen. Judd Gregg, R-N.H., complained that the spending blueprint does not tackle the rising costs of Social Security and Medicare. Geithner said the administration intends to confront higher health care costs with broad changes that will lower Medicare spending.

    Geithner is at the center of Obama's economic policy, advocating for its budget proposals and tax policies, as well as the rescue program for the financial sector. He faced questions on all those fronts before heading to London for talks Friday and Saturday with finance officials from the Group of 20 nations.

    Obama's budget would raise taxes, starting in 2011, on individuals earning more than $200,000 and on households earning more than $250,000. Geithner said the increases would kick in after the economy was expected to be in recovery.

    But he sidestepped a question by Sen. Mike Crapo, R-Idaho, about whether the administration would let the increases take effect if the economy had not recovered in two years. "We have to watch how the economy evolves," Geithner said.

    On Thursday, Wall Street extended its rally to a third day, and Conrad took note because the markets have not always responded well to Geithner's public utterances. "You've done a superb job," Conrad joked as the hearing came to a close shortly after noon. "Markets are up over 100."

    The Dow Jones industrials rose 239.66 points for the day on a string of hopeful news, apparently unconnected to Geithner.

    At the White House, the administration conferred with state officials about how the $787 billion in stimulus money will go out.

    Vice President Joe Biden opened the meeting by warning state officials that if they misuse money from the stimulus package, they should not expect more help from the federal government for a long time.

    "If we don't get this right, folks, this is the end of the ability to convince Congress that anything should go to the states," Biden said.

    Added Obama: "If we see money being misspent, we're going to put a stop to it."


    Ya gotta love the last line. :rolleyes:

    Last edited: Mar 12, 2009
  2. 4EvrLearning

    4EvrLearning New Member

    Feb 27, 2009
    Left Coast
    I haven't used this emoticon yet in any of my prior posts, but this earns it: :mad::mad::mad:

    Give me a break! Let's start with the misspending of money on the parties thrown at the White House since January 20th! Or Pelosi's demand to use military aircraft for her jaunts...

    At least we can be comforted knowing he won't be overspending on gifts for foreign leaders!!

  3. 1shot1k

    1shot1k Former Guest

    Nov 9, 2008
    Fort Worth, Texas

    hello yall two friends....hope all is well.

    Was on news tonight...Gov. Perry...TX refusing big wad of that money.......its been done earlier years too (the refusing)...too many strings...and TX typically has surplus of 10-18 Billion ...I believe this money refused lately...was to EXTEND unemployment benefits....

    Just dont know about Obamama............I believe his tide will turn.........

    --by the way...speakin of tide....................................

    know why I always do my washin in tide....?

    cause...it's too damn cold outtide.........................
  4. satellite66

    satellite66 New Member

    Oct 6, 2004
    Central NJ
    His polling and focus groups have told him to stop bashing the economy so much so that is what he is doing. Telling people what they want to hear.
    Doom and gloom are getting old so he is spinning a new tale.
  5. ampaterry

    ampaterry *TFF Admin Staff Chaplain* Staff Member Supporting Member

    Dec 20, 2008
    West Tennessee
    But everything IS allright, satellite66!
    Kick back!
    Drink your cool-aid!
  6. Teejay9

    Teejay9 New Member

    Nov 4, 2008
    Southwest Corner of the US, "Where no stinking fen
    Is that why they're floating the "we may need ANOTHER stimulus package" balloon? The Federal Government can't spend its way out of a depression. Let us, the people keep their money and let us see if WE can spend our way out!! Geez, BO you are struggling! It's tough to get this "on the job training," isn't it? Glad for the CHANGE. TJ
  7. obxned

    obxned Active Member

    Mar 4, 2007
    Well, it wasn't until that stupid SOB mortgaged the future of our kids and grandkids with Porkasaurus Rex
  8. GMFWoodchuck

    GMFWoodchuck New Member

    Oct 9, 2008
    Binghamton, NY
    There is only one way to get out of this recession/depression. We the people (individually and as a society(gov't) )need to pay off our debts. Only after that happens will the economy get better. That's means pay off the credit cards and chop them up and throw them out because we do NOT need them. And our governments need to stop with this bonds business (read: gov't credit card) because we are only burying our selves to China both literally and figuratively.

    Some debts we "need." For instance, our mortgages, car payments, school loans, and a few others. No one needs credit cards. This belief that we have, as a country, thinking that we all need a credit card is the single and sole cause of our recession. I have so many friends that have lost their houses because of credit card debt. Our leaders (loosely used word) like Pelosi and Barney believe that the banks should have been giving us incredible deals on mortgages that people could just barely afford. Which would have been okay. However these vicious credit card companies preyed on these same people giving them insane lines of credit and interest rates that are higher than those from your local mob/gang. Obviously sooner or later something was going to break. People fail to understand that if you can not afford something, you can certainly not afford the same item plus interest. If you truely need something, a bank would be more than happy to loan you the money. If you needed health care, get a loan to pay the doctor off, if you need a car get a loan, of you need a computer get a loan. Absolutely nothing requires a credit card. I'm sick and tired off people finding excuses for them. "Oh, you might need it for gas," "Oh, you might need to fix your car." Go get a debit card and save your money for these cases. And do not put yourself in a position to need one. If you go on a road trip bring some gas money with you and get AAA.

    Nancy Pelosi and Barney Franks are not so innocent in this matter either. They both knew for a fact that both Fanny May and Freddie Mac were not sound businesses when they told the Bush administration that Fannie May and Freddie Mac were just fine after the Bush admistration warned them that they were not. But they chose to blatantly lie and say that they needed to put out more loans. Why? Because they knew that with the bad loans and credit card debt that a deep recession would eventually happen. With this result they can start pushing their agendas for a big socialist government.

    So, I guess I should say that credit cards aren't the direct cause so much as the direct tool by our politicians to cause a recession. Even after the George W. Bush administration warned us 6 years before the recession began
    Last edited: Mar 15, 2009
  9. dge479

    dge479 New Member

    Oct 6, 2004
    Haskell NJ
    so then we wont need Stimulus(porkulus) 2 . not that we need the 1st pork bill.
  10. satellite66

    satellite66 New Member

    Oct 6, 2004
    Central NJ
    Obama is the master of saying one thing and doing the opposite. When you have the press in your pocket you can get away with almost anything.
  11. graehaven

    graehaven Well-Known Member

    May 26, 2007
    Rochester, NY
    And it's gonna get a LOT worse than it is now. :mad:
  12. doug66

    doug66 Member

    Jan 29, 2005
    "not as bad as we think" says obama. Market is up, Citigroup made money, things are so peachy that AIG gave out bajillions in bonuses this week.

    Happy days are here again! :rolleyes:
  13. Greg48

    Greg48 New Member

    Dec 14, 2008
    Gig Harbor, WA
    Gotta love it. Last week it was the end of the (economic) world as we know it. Now its not all that bad. Its amature hour at the white house, folks, and the entire world is watching the show. Stand by for the "incoming".
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